Navigation for Home Buyers

It’s here! Summer is home buying/selling season. Whether you’re downsizing because your kids left for college, or you’re looking for more space for the kids to romp around in, doing research about the market is not something that’s optional these days.

What size house do you need? Are you looking for something that’s move-in ready, or a fixer-upper? Have you estimated whether you’ll be able to cover any renovation costs? How do you know if the house is in good condition? What should you do before you even start talking to a real estate agent?

One of the most important things you should do first is find out how much house you can afford. You’ll need to take into account how much your current income is, how much you’ve saved towards a down payment (yes, you should do that!), what your credit score is, what the current mortgage interest rate is, and whether or not you’ll have to set aside funds for renovations apart from the mortgage.

Once you’ve found your budget, it’s suggested that you get a pre-approval letter from your bank for a mortgage loan. This usually proves to be beneficial, as it gives you a slight edge over other buyers if there’s a bidding war.

Repeat homebuyers will have to do some additional work, since they’ll typically have to use some of the funds from the sale of their current home before buying the new one. Often, sellers forget that there are closing costs they will have to pay when selling their current home.

Now you can begin scouring the market for your dream home. Only look for homes within your budgeted range, or heartache will follow. There’s nothing like pining over that amazing house which is just out of reach. Figure out the neighborhood you want to live in, and take commute times, local school ratings, access to stores and highways, and community engagement into consideration.

Work with an experienced real estate agent who can give you tips on finding the right home for you and your family. Don’t forget that they get a commission! If they’re good at what they do, it will even payoff to stay in touch with them after the sale, for future market needs.

Planning to sell or buy without a realtor? There are tips for that, and more, available to you in the books we have here at the library. A few are listed below. Don’t forget to search for and read up on home buying articles from our databases!